Astute decision making became more important in 2014 as investor concern about emerging markets grew, Mexico’s reforms took shape and Brazil’s elections paused deals. LatinFinance selects the deals and institutions that managed those hurdles most effectively

André Esteves takes pride in BTG Pactual being an old-style merchant bank that offers equity as well as debt to clients. The model has worked well. But as Brazil and the global economy flounders, the bank is rebalancing its capital deployment strategy. By Dominic O’Neill